Cyclex Biotech Co., Ltd. has announced that its application for an initial public offering on the Shanghai Stock Exchange's STAR Market has progressed to the "inquiry responded" stage. Everbright Securities is serving as the sponsor for the offering, which aims to raise 635 million yuan. According to the prospectus, Cyclex specializes in the research, development, production, and sale of absorbable implantable medical devices for in vivo use.
After more than two decades of dedicated development, the company has systematically established five core technology platforms, including PEG functionalization modification, bio-based polymer material modification, synthetic medical polymer material preparation, extracellular matrix material preparation, and self-assembling peptide material design and preparation. Cyclex has become one of the few domestic medical device enterprises capable of simultaneously developing and operating multiple absorbable medical material platforms, forming a platform-based R&D framework driven by material innovation.
Leveraging these platforms, the company has built a portfolio of absorbable innovative medical devices covering multiple clinical departments such as neurosurgery, cardiovascular surgery, general surgery, orthopedics, and radiation oncology. As of the reporting period end, Cyclex has 25 medical device products in its portfolio, several of which are first-in-class or exclusive products in China, addressing technological gaps in relevant fields.
A flagship product, the absorbable dura sealant medical adhesive, provides an innovative domestic solution by effectively addressing the long-standing clinical challenge of cerebrospinal fluid leakage in neurosurgical craniotomies through a water-tight sealing mechanism. This product has been included in the National Medical Products Administration's "Special Approval Procedure for Innovative Medical Devices" and was listed in the Ministry of Science and Technology's "Catalog of Innovative Medical Device Products (2018)," reflecting its internationally advanced technical level.
Another key product, the absorbable vascular sealant medical adhesive, offers a novel solution for preventing anastomotic bleeding after vascular reconstruction surgery. It is the first product developed by a domestic company in the vascular sealing field and remains the only domestic brand, successfully achieving import substitution.
Net proceeds from the offering, after deducting issuance expenses, will be allocated to specified projects. Financially, the company reported revenues of approximately 379 million yuan, 331 million yuan, and 338 million yuan for the years 2023, 2024, and 2025, respectively. Net profit for the same periods was approximately 153 million yuan, 161 million yuan, and 168 million yuan.